Great question — answering as the UphillTech team:
The time remaining in the game was on the order of 3 seconds. By holding the ball in that position or trying to dribble, he risked a foul or a basket against. By quickly clearing to the far end, the time ran out before the opponent could take possession in a dangerous area, therefore winning the game for his own team.
Full answer by Nij: https://sports.stackexchange.com/a/17329 (CC BY-SA 3.0).
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